Portfolio Performance and Rest of Year
Brief portfolio YTD performance update.
Knowing me, this post is going to kick off a full round-trip back to 0% YTD, but I felt like it would be a worthwhile exercise to share YTD performance, how some of the names that I’ve written up/discussed have performed.
2025 has been off to an amazing start so far, albeit not without volatility. Below is my performance YTD.
There are a couple things to note here:
NBIS is that first hump. I really rode that one up (levered) and all the way down and trimmed most of it afterwards – funny because it’s at $38 now.
GTN is that second hump. You all know my thoughts on the broadcasters. I love the theme and am still long.
Outside of those two, which makes for a funny chart, the biggest contributors to this performance, in no particular order, are:
Human HUM 0.00%↑ trade leading into the final rate notice
Tokio Marine Holdings – 8766.T
Broadcasters Basket – Gray Media GTN 0.00%↑ , Entravision EVC 0.00%↑ , NextStar NXST 0.00%↑
Drug wholesaler basket – Cencora COR 0.00%↑ , McKesson MCK 0.00%↑ , Cardinal CAH 0.00%↑
Marex - MRX 0.00%↑
Hamilton Insurance Group - HG 0.00%↑
Chapters Group - $CHG.DE
Itafos - $IFOS.V
Sable Offshore - SOC 0.00%↑
I will note a couple of these have been far better contributors than others:
Sable Offshore basically made the year given the recent gains. Prior to that I was sitting at around 20-25% YTD. Sable crashed after the Liberation Day tariff announcement and my thought process was simple: one could purchase shares of Sable at the same price as one could in August of 2024, with a significantly improved position during its litigation and permitting process with the pertinent regulators in California. To that end, I went long, very long. I bought too much frankly, but I felt like this was a good “fat pitch” given how the ongoing litigation was trending and how de-risked it was relative to where it traded previously. Thank you to
– he bugged me about it for literal months, and it turned out my ignorance helped me with an entry. I sold majority of my Sable position (calls and equity) but have kept enough so that if it does what Ben thinks it will do, I’ll still be very happy.Marex I’m consistently impressed with. The recent move on its earnings seems dumb and I am a buyer here. I don’t have much more to say in this post as I have a whole piece dedicated to the company. It’s been a phenomenal stock YTD and since I’ve owned it near IPO.
Chapters Group has had a banner year as well. I have a post dedicated to it on the blog as well. It’s done phenomenally well and I’m very impressed with how it’s performed. I still believe there is a lot left to prove regarding total company profitability, but it’s performing well, and people are very excited about this firm.
Couple callouts on specific blog posts I’ve done on single names:
Baldwin Group BWIN 0.00%↑ :
Published June 18, 2024 – the stock has returned +13.55% compared to SPY +6.93% since publishing.
Chapters Group $CHG.DE:
Published July 14, 2024 – CHG has returned +76.83% compared to SPY +4.39% since publishing.
Hamilton Insurance Group HG 0.00%↑ :
Published March 10, 2025 – HG has retuned -0.29% compared to SPY +3.62% since publishing.
Itafos $IFOS.V:
Published April 14, 2025 – IFOS has returned +7.73% compared to SPY +7.42% since publishing.
Marex MRX 0.00%↑ :
Published April 15,2025 – MRX has returned +16.52% compared to SPY +7.72% since publishing.
At the end of the day my Substack is as much for me as it is for those that read it. It’s been an amazing way for me to gather my thoughts and put pen to paper. It’s also a great way to reflect on what is and is not working. Two names that have not worked out my way were Calumet and Hudson Pacific Properties, I am still long and the position remains unchanged HPP 0.00%↑ but it has not been very fun.
Calumet was tricky as I purchased the stock a few years ago, but it has, in essence, been dead money for most of that time. I sold it for a gain, but both of these stocks have spurred some reflection in my process.
Going into the back half of this year, I feel as though the broadcasters have an excellent road ahead. I think the continued talk surrounding deregulation from FCC Chair Carr is a good omen of things to come. I still like the drug wholesalers. I still love Baldwin, Chapters, Hamilton, and Marex. There’s not a whole lot that I would really change here and how I am positioned. I will certainly be opportunistic, but I aim to not have to fiddle with my portfolio too much.
Enjoy your Memorial Day Weekend. One of the best weekends all year. Here’s to continued success for everyone in 2025.